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July 1, 2012

New Zealand adopts auditor regulation

New Zealand has adopted the Auditor Regulation Act, which requires all auditors and audit firms carrying out an audit to be licensed and registered.

The law only applies for auditors of banks, insurance companies and listed companies and doesn’t apply for small-and-medium sized companies or not-for-profit organisations.

The New Zealand Institute of Chartered Accountants (NZICA) is the primary licensing body, responsible for the regulation of licensed members.

 “We have been working closely with audit firms to ensure the transition has proceeded smoothly and they understand the registration process. We are committed to ensuring that the objectives of the new Act are met,” NZICA general manager of regulation Richard Moon said.

 

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